万联证券：万联晨会-20241231

Core Viewpoints - The A-share market experienced fluctuations with the Shanghai Composite Index rising by 0.21% to 3,407.33 points, and the Shenzhen Component Index increasing by 0.10% to 10,671.16 points. The total trading volume in the A-share market reached 12,759.99 billion RMB, with net purchases from southbound funds amounting to 7.351 billion HKD. However, over 3,700 stocks declined [1][5] - The banking, coal, and non-bank financial sectors led the gains in the Shenwan industry classification, while the beauty care and agriculture sectors saw the largest declines. Concept sectors such as computing power leasing and Tonghuashun fruit index concept indices performed well, while genetically modified and corn concept indices faced declines [1][5] - The Ministry of Finance issued a notice requiring that at least 30% of government procurement for official vehicles should be electric vehicles, with a 100% requirement for certain types of vehicles [1][5] Industry Insights - The humanoid robot industry is expected to enter a new development phase in 2025, marking the year of commercial mass production. Major international players are gradually ramping up production, and domestic heavyweights are emerging, indicating a competitive landscape. Companies like Tesla, OpenAI, and Huawei are investing heavily in this sector, which is anticipated to meet increasing market demand driven by aging populations and rising labor costs [6][7] - The global humanoid robot market is projected to reach 20 billion USD by 2030, indicating significant growth potential. The demand for humanoid robots is expected to rise as they become more cost-effective compared to human labor, particularly in the context of an aging workforce [16] - The software and hardware sectors are evolving rapidly, with advancements in AI models enhancing the capabilities of humanoid robots. Major tech companies are investing in AI research, which is crucial for improving human-robot interaction [16]